Canadian Underwriter

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Risk Management


News Insurance

Compensation culture distracting business from core operations: U.K. survey

July 28, 2004 by Canadian Underwriter

Businesses in the U.K. say the growing compensation culture there is taking focus and resources away from core business and revenue generation, according to a new survey by international broker Aon.A full 75% of businesses surveyed say rising compensation trends

News InsuranceMergers and Aqcuisitions

Property crime rises in 2003: StatsCan

July 28, 2004 by Canadian Underwriter

Property crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates

News Insurance

Fitch gives reinsurance sector stable outlook

July 27, 2004 by Canadian Underwriter

Global reinsurers are cleaning up their act, prompting Fitch Ratings to change its outlook on the sector to stable from negative, where it has been since 2001.Fitch says there should be fewer rating changes in the near term, and downgrades

News Insurance

Event cancellation market stabilizing: Willis

July 26, 2004 by Canadian Underwriter

The event cancellation insurance market which took a roller-coaster ride after 9/11 is leveling off, according to a new report from international broker Willis.The study says premiums and terms in the event cancellation market are stabilizing despite ongoing turmoil in

News Climate ChangeInsurance

Japan storms cost US$137 million; Europe’s oil industry hit by refinery fires

July 26, 2004 by Canadian Underwriter

Last week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month

News Climate ChangeInsurance

U.S. Senate considers TRIA extension

July 22, 2004 by Canadian Underwriter

The U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to

News Insurance

CIAB 2-Q commercial market survey reflects price weakness

July 22, 2004 by Canadian Underwriter

U.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance

News Climate ChangeInsurance

B.C. earthquakes a “wake up call”

July 21, 2004 by Canadian Underwriter

Earthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The

News Climate ChangeInsuranceMergers and Aqcuisitions

Edmonton storm losses top $87 million

July 20, 2004 by Canadian Underwriter

Insured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional

News Insurance

What’s new: In brief (July 20, 2004)

July 20, 2004 by Canadian Underwriter

U.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA

News Insurance

U.S. commercial lines outlook stable: Fitch

July 19, 2004 by Canadian Underwriter

The outlook for the U.S. commercial lines sector has been revised from negative to stable by rating agency Fitch. Fitch had placed a negative rating on the sector since September 2000.Fitch says there will be fewer rating changes in the

News Insurance

U.K. firms more likely to put risk specialist in charge of corporate governance

July 19, 2004 by Canadian Underwriter

In a comparative study of companies in the U.K., U.S., Germany, France and the Netherlands, British firms were more likely to have a specific risk specialist to handle corporate governance functions, while U.S. firms largely put primary responsibility for this